STRATEGY I SOLUTIONS I INTEGRITY
Sometimes people make poor financial decisions. Sometimes financial disasters occur that overwhelm the most prepared person. In extreme circumstances, a person may be in such a financial mess that they can't pay back their debts as and when they fall due. In these circumstances, a person (or a company) is insolvent.
The test of insolvency is not whether their liabilities are greater than their assets. Rather, the test is whether they can pay their debts as and when they fall due.
A company that is insolvent is no longer permitted to continue trading and should be placed into liquidation ("wound up").
The effect of Insolvency can be very stressful and may lead to bankruptcy.
So it is important to have someone in your corner throughout this ordeal.
We will provide you with the appropriate advice so you know the process and your options.
Contact us for a complimentary appointment.